Dubai-based real estate developer Limitless has confirmed that its early payment of Dh2.07 billion ($563 million) to banks and trade creditors will take place on Saturday.
 
The announcement follows last week's announcement that the company has successfully concluded its restructuring agreement with lenders, and is set to clear a significant amount of its debt with an immediate payment to cover the first instalment seven months ahead of time, and 80 per cent of the second instalment 18 months early, said a statement from Limitless.

The Dubai company had instructed its agent bank to release Dh1.9 billion to banks and Dh163 million to trade creditors, it stated.  

The restructuring agreement requires Limitless to pay its outstanding Dh4.45 billion in bank debt in three instalments in December 2016, 2017 and 2018.

However, the company will pay Dh2.07 billion - representing 43 per cent of the company’s outstanding bank debt and 28 per cent of the money owed to trade creditors - immediately, it said.

Limitless chairman Ali Rashid Lootah thanked the Dubai government and its lenders and trade creditors for their trust and support in helping them reach this milestone.

"We are committed to the restructuring agreement, to meeting our obligations, and to developing our assets in order to fulfil our commitments to investors," he added.-TradeArabia News Service